Mumbai: Benchmark Mutual Fund has filed an offer document with SEBI to launch S&P 500 Benchmark Exchange Traded Fund.
The units of the ETF scheme will be listed. The investment objective is to provide returns closely corresponding to the returns provided by S&P 500 Index of Standard & Poor's.
The scheme would allocate 95-100 per cent of assets in units of ETFs based on S&P 500 Index and derivatives based on S&P 500 Index. It would further invest upto 5 per cent of assets in money market instruments, government securities, bonds, debt instruments and cash at call.
The fund will be benchmarked against rupee adjusted S&P 500 Index. It offers only growth option and will not charge any entry or exit load. The fund will be managed Vishal Jain.
